This is what every B2B marketing company should be considering when allocating a marketing budget
Whatever your company’s marketing objectives are, it’s easier to achieve them when you have a proper budget to guide you. In the age of digital marketing, it’s important to understand how to allocate your marketing budget to increase your ROI and create valuable metrics that you can use to inform future marketing campaigns. Marketing campaigns are more likely to be successful when they are planned and documented according to Gartner so properly allocating and using your budget is crucial for success.
Here are some things to think about when allocating your marketing budget for B2B companies.
Campaign planning and content creation
Campaign planning and content creation will take up a large portion of your budget, around 40-50% according to Adobe. You need to tailor your content to your target audience and align your strategy to target different stages of the customer lifecycle most effectively.
Paid advertising is another part of your marketing strategy that will take up a significant part of your budget, around 20-30%. Methods of paid advertising include online ads, social media ads, print ads, or TV ads. These methods provide the most direct metrics for ROI, as you can see how each dollar spent is earned back through for the various methods.
Workforce marketing can include internal meetings, events, and marketing collateral that establishes company culture and goals in its employees. This can be a factor in bringing in new leads and hires. Adobe suggests spending roughly 10% of your marketing budget on workforce marketing.
Software and Tools
Software and tools simplify and/or automate tasks and save you time, money, and human resources. They also provide metrics that enable valuable analysis that will improve future marketing campaigns. Adobe says you can expect to spend about 10% of your marketing budget on these programs.
Industry events or events hosted by your own company represent a unique opportunity to show off your companies’ identity. The success of having a presence at real-world events can be measured in engagement from attendees through things like visitors to a booth, audience at a session, or when a lead is created. Expect roughly 5-10% of your budget to go towards these activities, as suggested by Adobe.
Understanding your budget and knowing where to spend your money to maximize your ROI is a key part of your marketing campaign. Planning your budget will increase your chances of success and return valuable metrics that can be used to develop future campaigns. Closely monitoring and examining spending allows more accurate calculations of ROI.
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Author: Kyle Gillies